QUESTION 1

1. Inventory refers to

   		the tangible and intangible assets a company owns.
   		ready-made merchandise that is sold to customers for a profit.
   		the fixed assets used to manage daily operations.
   		the amount of supplies on hand.QUESTION 2

2. The Item List includes

   		all items the company sells, both inventory and service items.
   		only the merchandise the company sells.
   		only service items
   		everything the company owns.

3. Every time a company purchases merchandise for resale, sells merchandise, or adjusts the Inventory account because of loss or damage, QuickBooks will

   		record that information in the Customer Center.
   		automatically update the Item List.
   		update the Cost of Goods Sold account.
   		record that information in the Vendor Center.

4. The Cost field in the Edit Item window contains the

   		discount price.
   		unit cost for the item.
   		selling price for the item, plus sales tax.
   		selling price for the item.